Around 70% of stolen 1MDB asset, funds recovered, says Azam Baki

PUTRAJAYA: Around 70% worth of stolen assets and funds from 1Malaysia Development Bhd (1MDB) has been recovered so far, says Tan Sri Azam Baki (pic).

The Malaysian Anti-Corruption Commission (MACC) chief commissioner said the latest to be recovered was US$1.8bil (RM8bil) following a settlement with International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS).

"Overall we have recovered RM28.93bil worth of 1MDB assets and funds.

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"We estimate around 70% of the assets and funds have been recovered," he told reporters after attending the memorandum of understanding (MOU) signing between MACC, Universiti Teknologi Mara (UITM) and Malaysian Institute of Accountants (MIA) at the MACC headquarters on Tuesday (March 7).

Azam said the MACC was among the main agencies tasked with recovering assets and funds belonging to 1MDB.

"We have been instrumental in the recovery efforts including conducting investigations, making arrests and prosecuting those involved in 1MDB (scandal).

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"We are part of the task force, which includes the Finance Ministry," he said.

The MACC, especially its Anti-Money Laundering division, has played an important part throughout efforts to recover such assets, he said.

"Efforts to recover the remaining assets and funds are still ongoing.

"We are doing our best to recover as much of the funds as possible," he added.

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On Monday (March 6), Prime Minister Datuk Seri Anwar Ibrahim praised the efforts of civil servants especially the Attorney General Chambers and the MACC in referring to the success of the Minister of Finance Incorporated (MoF Inc) and 1Malaysia Development Bhd (1MDB) in reaching a settlement regarding their dispute with the International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS).

"It had far exceeded the amount that we had hoped for before this. I had, two weeks ago during the 2023 Budget presentation, (I had) given a forecast (on the sum) but I had said I was confident that things will be better.

"At that time I was not sure it was going to be US$1.5bil, US$1.7bil or US$1.8bil.

"In the end, we got US$1.8bil. That is RM8bil that will go into the country's coffers. It is cash. This is not investment," he said during the Prime Minister's Department monthly assembly on Monday.